Jacqueline A. Salcines, PA
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Jacqueline Alicia Salcines


investmentfinancing.jpg2013 MAY BE THE BEST YEAR TO BUY A HOME

Aside from mortgage interest rates being at the lowest in almost 30 years, and home prices still well below what they were 6 years ago (although positively climbing...good for sellers, bad for investors) numerous elements of the fiscal cliff bill favor buyers and sellers alike. This may mean 2013 is the best time to buy a home.

After consistent declines last year in interest rates, the start of 2013 marked another drastic dip in rates, according to Freddie Mac's Primary Mortgage Market Survey. The average 30-year fixed rates in January 2013 was 3.34, down form 3.35 at the end of 2012, and well below 3.90 at the beginning of 2012. 15-year fixed averages slid below 2.65, down from 3.23 exactly a year ago.

Lenders have also finally faced the cold hard facts (it took them long enough)! They have finally realized that it is much more profitable to accept a short sale then take a harder hit through a foreclosure. Bank statistics show they lose about 20 percent in a foreclosure sale compared to 14 percent in a short sale, according to the National Association of Realtors data.

For this reasons, banks are not only approving short sales in record time (my firm is seeing between 45 to 50 day approvals) but are giving homeowners, buyers and even tenants money incentives to sell and close the short sale. Attorney Jacqueline Salcines states "As recently as December 2012, my client received a $26,000.00 incentive, $20,000 from his lender and $6,000 from the HAFA program, AND, wrote off his mortgage balance. This translates into an overwhelming incentive and gift to the borrower that is selling." This is good news for sellers selling and the buyer/investors still looking for a good deal.

While experts such as Zillow.com predict that home prices will increase about 3.1 percent in 2013, which is great for sellers and their realtors, there is still lots and lots of good news for buyers. New home buyer incentives have been reinitiated giving first time home buyers credits to buy again.

All in all, whether you are buying or selling, it makes no sense to go it alone. Consult with an attorney who is qualified to provide solid advice in the field of real estate home purchases and investments.

REACH ME ANYTIME BY CALLING 305 | 669 | 5280 OR WRITE ME [email protected]

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706 South Dixie Highway
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Coral Gables, FL 33146

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